So if I just ignore my debt, how long until it goes away?

Question

If I owe money on credit cards how long until it is dropped from my credit report? What if I just ignore the phone calls and do nothing? What happens?

What about student loans? What if I just don't pay? I know student loans are not subject to bankruptcy, but what if you just ignore it and never pay?

Answer 1

once you're homeless and penniless. THEN it will go away

Answer 2

Ignoring debt is very serious. It can take up to 7 years for things to be taken off of your credit report. But usually things like serious debt or bankruptcy can stay on there for about 14 years. Ignoring the phone calls and being harrassed by collection agencies isn't fun. Defaulting on one credit card or school loan can really hurt you. If you dont pay, it will hinder you from getting any credit at all or any loans .

Answer 3

Then the phone calls will increase and get nastier as the credit collection agencies are called in and your credit report will become so lousy that you could not get a loan for a donut with a quarter down. So in short if you ignore it and never pay you will become a deadbeat like so many others who not only add to our current financial problems but make it more expensive for the those of us who are not dead beats. It costs money to chase dead beats and the cost is passed on to everyone. Think it's a victimless crime? It's not! It's stealing from your creditors and from those of us who borrow money in good faith. So will you be an honest person and pay or a soul less, worthless waste of skin??????? Choose which person you wish to be! By the way, those who say seven years neglect to mention it's seven years after it's payed if the creditor bothers to report it payed. If you wait long enough they will intro you to something called garnishment! PAY UP WHAT YOU OWE!!!!!!

EDIT

OK just saw the ID theft thing. You need to take legal action. Ignoring this is as bad and worse than ignoring debt. I't is a pain in the butt but can be done. Seek legal aid! And next time tell us stuff like that up front. I just wasted a perfectly good righteous tirade for nothing! lol

Answer 4

I don't know if you've ever heard of it before... but when it comes to owing money, there's a little thing called "Interest". Why would they clear your debt when they can just tack on a little more each month?



With many companies and institutions, if you owe them money for a certain length of time, they sell your debt to a Collection Agency. At that point, you pay more interest and will start receiving phone calls and letters about it. Eventually, they can try to have your pay garnished (A portion of your pay goes directly to the debtor each month whether you like it or not), they can try to take your possessions (Car, house, etc) if you owe enough, or you could wind up in jail for some unpaid bills such as traffic tickets/fines/etc.



Pay your bills! Bankruptcy SUCKS anyway! It trashes your credit! If you have to, talk to some banks about debt consolidation! That is when they mash all your bills into one manageable bill!





People and businesses almost never forget debts owed to them!

Answer 5

It will never drop off due to the fact that it will show on your credit report. If you file than it will fall off in 7 years. Point blank if you dont pay your debt than your credit score will be bad and it will hurt you in the long run esp. if you plan to buy a house or want to take a loan out for something else

Answer 6

Credit card bills will eventually be charge offs on your credit report. Which could take a year or more. Then you have to wait 10 years after that for it to not make an effect on your credit report. Student loans on the other hand are different. They will garnish your wages, your tax returns, and can also have you jailed. Try setting up a payment plan, it is never worth running from your problems, you have to face them head on. You go yourself here, you can get yourself out.

Answer 7

Unsettled Debt

Answer 8

So far,i have notched up three years without paying anything.Yes,i get called by DCS but don't answer the phone, I ignore every letter that they .send. t he reason I am in debt is that my partner died suddenly,and there was no ay I could repay our joint debts on my own.If I had the money,i would gladly pay to get rid of these people,but I live on the breadline,and there is no way I can pay.These DCS don't give a toss about your pitiful incomes,and would have you sell your own mother to pay them,so I will carry on dipping and diving,until one of these morons take me to court.Thats if anyone of them ever do,i still wont be able to pay! so DCS.can go jump!main thing is DONT WORRY,Whos going tp care in another ten years?

Answer 9

It will never go away. When you have an unpaid debt on your credit record, it doesn't go away until 7 years after the debt is settled.



If you don't settle the debt with the creditor (credit card company, for example), they'll contact the credit reporting bureaus and request that the unsettled debt gets added to your credit reports. They'll then sell the debt to a collection agency and the collection agency submits the unpaid debt report. The debt to the creditor is then considered settled and it will come off of your credit report in 7 years. However, until you settle the debt with the collection agency, they will not report that debt as settled and it stays on your record.

Answer 10

can you say "lawsuit"? That's what will happen, and once the judge has issued a judgement against you (it will happen because you owe the debts), the judge will grant permission for the companies to garnish your wages. Oh, and your debts will not be dropped from your credit report while you still owe them.

In other words, don't just ignore them. they will not go away.

Answer 11

The debt will be reported on your credit for 7 years but the debt itself will never go away. Agencies will be able to hound you for the rest of your life.



A friend of mine works in collections and she said she just had to call a guy the other day about money he owed from 1978! O_O

Answer 12

Student loans - you cant walk away from - IRS will deduct from your paycheck eventually.

Ignore the credit cards and they can sue for the money.



Your credit report will be trashed for 7 years.



Employers are now checking credit reports before they hire you.

Answer 13

they stop calling. The go to court and get a judgment. This is reported on your credit report. If you EVER want credit, you will NEED to pay them off.



They will also ask the judge to garnish your income. This means that your employer MUST take money from your check to pay them.

Answer 14

You CANNOT just ignore your debt. First of all if you ignore your debts and don't pay them off or file for bankruptcy (where you can) then they will continue to grow due to fees, interests, and whatever else they think of to throw your way. Secondly, they will eventually repossess everything you own and leave you out on the streets...I wouldn't doubt that the government somehow gets involved. So start saving!

Answer 15

if you never pay or do nothing of that sort they will never go away your credit score will weaken and pretty soon will be destroyed and you will never be able to get back on your feet unless you pay some or all of it off.i am just trying to give you the best advice possible if you think i did please select me as the best answer and thank you but like i said if you just ignore everything about it then its just going to stay right there it will never go away or be dropped

Answer 16

In the US it will be turned over to a collection agency and...if they cannot collect will be a "Judgement" on your credit report and will stay there for 10 years...

Answer 17

it doesn't drop until it's paid off. it can and will stay open and it will continually drop your credit score. even if in 10 years you decide to pay it off, AFTER it's paid it will still show for 7 years.



also, they can prosecute you and if they win, they can garnish your wages where they take the money in payments directly from your paycheck.

Answer 18

I'm pretty sure they will start garnishing your wages. Student loans aren't anything to mess with.

Answer 19

On student loans, they'll deduct money from your paycheck if you are working, it has happened to my brother.

Answer 20

hahahahahah!!! Good luck with future credit!

Answer 21

it doesn t as they will make you pay one way or another or take you to court

Answer 22

Never !!! They never go away. They will seek you out and find you.

Answer 23

NEVER!!!!!!!!! Just pay it off and avoid harassment later

Answer 24

Two, three months tops. Remember, if the cop is no longer in your rear view mirror, they're done chasing you....

Answer 25

You will possibly go to jail....my advice is to file bankruptcy

Answer 26

repo man will come and they will get there money

Answer 27

a month

Answer 28

very funny